SBI Q1 profit rises 14% to Rs 24,113 crore on better core income, lower provisions

New Delhi: State Bank of India (SBI) on Friday reported a 13.73 percent increase in its June quarter consolidated net profit at Rs 24,113 crore as core income improved and provisions declined.

On a standalone basis, the bank's net profit grew 10.23 percent on-year to Rs 21,121.22 crore as against Rs 19,160.44 crore in April-June 2025, as per an exchange filing.

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The bank's core net interest income rose nearly 15 percent to Rs 46,992 crore on the back of a 18.63 percent increase in gross advances, while the domestic net interest margin contracted to 3 percent.

The bank, however, was able to expand on the NIM when compared on-quarter, with the number widening by 0.07 percent.

Its non-interest income dropped 9 percent at Rs 15,293 crore, largely because of a 70 percent drop in the forex or derivatives income.

Its deposit growth came at 9.73 percent and the share of the low-cost current and saving advances declined by 0.12 percent on-year to 39.36 percent.

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Speaking to reporters, Chairman C S Setty said the bank is targeting a credit growth of 14-15 percent in FY27, and added that a deposit growth of 10-11 percent should be able to fund it.

The bank has mobilised USD 6 billion under the FCNR(B) window since the beginning of the scheme and should be able to take the number to up to USD 10 billion by the time the special window closes in September, Setty said.

The fresh slippages came at Rs 7,046 crore, which was lower than the Rs 7,945 crore in the year-ago period, but much higher than the Rs 5,521 crore in the March quarter.

Gross non-performing assets ratio improved to 1.47 percent as on June 30, from 1.49 percent on March 31 this year and 1.83 percent in the year-ago period.

Advances remaining unpaid for between 31-89 days but not NPA increased to Rs 4,174 crore at the end of June from Rs 3,350 crore in March this year.

Its provisions for non-performing assets reduced to Rs 3,359 crore in June quarter from Rs 4,934 crore in the year-ago period, but were higher than Rs 3,140 crore in the quarter-ago period.

The bank's overall capital adequacy ratio stood at 15.67 percent as on June 30, including the core buffer of 12.89 percent.

The SBI scrip settled at Rs 1,096.05, up 1.03 percent on BSE.

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